Bank of Nova Scotia Trust Co. Cuts Stake in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• Bank of Nova Scotia Trust Co. has decreased its holdings in Agnico Eagle Mines by 12.2%, selling 2,765 shares during the first quarter, resulting in 19,955 shares valued at $2.16 million.
• Agnico Eagle Mines reported strong quarterly earnings of $1.94 EPS, exceeding analysts' expectations and achieving a revenue of $2.86 billion, a 35.6% increase from the previous year.
• The company announced a $0.40 dividend per share with a yield of 136.0%, and as of now, institutional investors hold 68.34% of the stock.

Bank of Nova Scotia Trust Co. trimmed its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 12.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,955 shares of the mining company's stock after selling 2,765 shares during the period. Bank of Nova Scotia Trust Co.'s holdings in Agnico Eagle Mines were worth $2,163,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. J. Safra Sarasin Holding AG increased its stake in shares of Agnico Eagle Mines by 29.3% in the 1st quarter. J. Safra Sarasin Holding AG now owns 19,200 shares of the mining company's stock worth $2,081,000 after purchasing an additional 4,353 shares in the last quarter. Cumberland Partners Ltd purchased a new stake in Agnico Eagle Mines in the 1st quarter worth $840,000. Klein Pavlis & Peasley Financial Inc. increased its stake in Agnico Eagle Mines by 0.3% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 69,682 shares of the mining company's stock worth $7,542,000 after buying an additional 243 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Agnico Eagle Mines by 15.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 13,358 shares of the mining company's stock worth $1,448,000 after buying an additional 1,806 shares in the last quarter. Finally, US Bancorp DE increased its stake in Agnico Eagle Mines by 2.0% in the 1st quarter. US Bancorp DE now owns 6,908 shares of the mining company's stock worth $749,000 after buying an additional 138 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Scotiabank reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research note on Monday, April 14th. Royal Bank Of Canada increased their price objective on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Cfra Research upgraded Agnico Eagle Mines to a "strong-buy" rating in a research report on Friday, April 25th. Lake Street Capital restated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Finally, UBS Group raised their price objective on Agnico Eagle Mines from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Friday, April 11th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines has a consensus rating of "Buy" and an average price target of $136.90.

Agnico Eagle Mines Stock Performance

NYSE AEM traded up $6.23 on Monday, reaching $131.45. 3,373,146 shares of the company's stock traded hands, compared to its average volume of 2,616,882. The firm has a market cap of $66.09 billion, a price-to-earnings ratio of 22.36, a P/E/G ratio of 0.88 and a beta of 0.44. The stock has a 50 day moving average price of $121.09 and a 200-day moving average price of $110.31. Agnico Eagle Mines Limited has a fifty-two week low of $69.72 and a fifty-two week high of $131.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.11. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The firm's quarterly revenue was up 35.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 earnings per share. Equities research analysts predict that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The company also recently disclosed a dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $0.40 dividend. The ex-dividend date was Friday, May 30th. This represents a dividend yield of 136.0%. Agnico Eagle Mines's dividend payout ratio is 27.21%.

Agnico Eagle Mines Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.